Major Averages Close In Positive Territory For Third Straight Session

(RTTNews) - Stocks fluctuated over the course of the trading day on Wednesday but managed to end the session mostly higher. With the gains, the major averages closed in positive territory for the third consecutive session, although they remain well off their recent highs.

Benefiting from a rebound by the price of crude oil, energy stocks turned in some of the market's best performances on the day. Crude for March delivery ended the day up $1.31 at $47.78 a barrel after tumbling $2.66 to $46.47 a barrel on Tuesday.

Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index surged up by 2.7 percent, the Philadelphia Oil Service Index jumped by 2.5 percent and the NYSE Arca Oil & Gas Index shot up by 2.1 percent.

Steel stocks also moved sharply higher over the course of the trading session, driving the NYSE Arca Steel Index up by 1.8 percent. With the gain, the index climbed further off the five-year closing low set last Thursday.

Semiconductor, utilities, and retail stocks also saw notable strength on the day, while weakness among biotechnology and gold stocks helped to limit the upside for the markets.

The major averages moved roughly sideways going into the close, hovering above the unchanged line. The Dow edged up 39.05 points or 0.2 percent at 17,554.28, the Nasdaq rose 12.58 points or 0.3 percent to 4,667.42 and the S&P 500 climbed 9.57 points or 0.5 percent to 2,032.12.